The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1887-12-15
THE MESSAGE.
President CIeveland's RecOm-
mendatiOn to Congress.
HIS TALK ON THE TARIFF.
THE ESURPLUS IN TIE TREASURY
THE ONE SUBJECT.
He Holds Congress Responsible for the
Large Surplus, and Says That BY Next
June There Will Be One Hundred and

He Holds Congress Responsible for the
Large Surplus. and Says That BY Next
June There VIII Be One Hundred and
Forty Million Dollars in the Treasury.
To the Congress of the United States:
You are confronted at the threshold of
your legislative duties, with a condition of
the National finances which imperatively
demands immediate and careful considere-
tion The amount of money annually ex-
acted through the operation of present law,
from the industries and necessities of the
people largely exceeds the sums necessary
to meet the expenses of the government.
When we consider that the theory of our
institutions guarantees to every citizen the
full enjoyment of the fruits of his industry
and enterprise, with only such deduction as
may be his share towards the careful and
economical maintenance of the government
which protects him, it is plain that the ex-
action of more than this is Indispensable ex-
tortion and culpable betrayal of Ameri-
can fairness and justice. This wrong in
fcted upon those who bear the burden of
National taxation, like other wrongs, null
tiplIes brood of evil consequences.
The public treasury which should only
exist as a conduit, conveying the peoples
tribute to its legitimate objects of expendi-
ture, becomes boarding place for money
needlessly withdrawn from trade and the
peoples use, thus crippling our National
energies, suspending our counery's develop
ment, preventing investment in productive
enterprise, threatening financial disturb
ance, and inviting schemes Of public
plumber This condition Of our treasury is
not altogether new; and it has more than
once of late been submitted to the peoples
representatives in the congress, who alone
can apply remedy, And yet the situation
still continues, with aggravated incidents,
more than ever, presaging financial con-
vulsion and widespread disaster 1t will
not do to neglect this situation, because its
dangers are not now palpably imminent
and apparent. They exist none the less
certainly, and await the unforeseen and un-
expected occasion when suddenly they will
be precipitated upon us.
On the 20th day of June, 1885, the excess
Of revenues over public expenditures after
complying with the annual requirement Of
the sinking fund act, was 917, $50, 735 81,
during the year ended June 80, 1885, such
excess amounted to s4g, Ais, 545. 20; and dur
ing the year ended June 80, 1887, it reached
the sum of s55, ,567, $40. 81
The annual contributions to the sinking
fund during the three years above specified
amounting in the aggregate to S133, ,05S, =
800 "a and deducted from the surplus as
stated, we're made by calling in for that
purpose outstanding three per-calt. bonds
of the government During the six months
prior to June 30 1887, the surplus revenue
had grown so largely repeated accumula-
tions. and it was feared the withdrawal of
this great Gum needed by the people would
SO affect the business or the country that
the sum of $40, S64, 100 of such surplus was
applied to the payment of the principal and
interest of the three percent bonds still
outstanding and which were then payable
at the option of the government. The pre-
carious condition of financial affairs among
the people still needing relief, Immediately
after the 80th day of June, 1887, the re-
mainder Of the three-per- bonds thea
outstanding, amounting with principal and
interest to the sum of SlS, ST., 500 were
called in and applied to the sinking fund
contributions or the current fiscal year.
Notwithstanding these operations of the
treasury department representatives of dis:
tress in business circles not only continued
but increased, and absolute peril seemed at
| hand In these circumstances the contribu-
ton to the sinking fund for the current fs-
cal year was at onee completed by the ex-
penditure of S27, ,684, 263 55 in the purchase
of government bonds, not yet due,
bearing and : 1-2 per cent. interest,
the premium paid thereon averaging about
"a per cent. for the former, and
| per cent for the latter. In addition
to this the interest accruing during the cur
rent year upon the outstanding bonded in
debtedness of the government was to some
extent anticipated, and hanks selected as
| repositories of public money we're per-
mitted to somewhat increase their de-
posits.
While the expedient thus employed to re.
lease to the people the money lying idle in
the treasury, served to avert immediate
danger, our surplus revenues have con-
tinued to accumulate, the excess for the
present year amounting on the ist day of
| December to $50, 2jS, 70l 10, and estimated
to reach the sum of sil3, 900, 900 on the 3Oth
of June next, at which date il is expected
that this sum, added to prior accumula
| tions, will swell the surplus in the treasury
| to $40, ,000,000. There seems to be no assur-
! ance that, with such withdrawal from
usa of the peoples circulating medium, our
| business community may not, in the near
| future, be subjected to the same distress
which was quite lately produced from the
| same cause and while the fanctions of our
| National treasury should be few and simple
| and while its best condition would be-
reached, [ believe, by its entire disconnec
tion with private business interests, yet
when, by perversion Of its purposes, il
| idly holds money uselessly subtracted from
the channels of trade, there seems to be
reason for the claim that some Legitimate
means should be devised by the government
to restore in an emergency, without vast,
or extravaganza, such money to its plac'
among the people.
If such an emergency arises there now ex
lists no clear and undoubted executive
power of relief. Heretofore the redemp
| ton of three-per- bonds which wer,
payable at the option of the government
has afforded means for the disbursement
of the excess of our revenues, but thes
bonds have all been retired and there ar
no bonds outstanding the payment of which
we have the right to insist upon. The con
tribution to the sinking fund, which fur
nished the occasion for expenditure in tn
purchase of bonds has been already mad
for the current year, 30 that there is no out
let in that direction.
In the present state of legislation the onl,
pretense of any existing executive power t.
restore, at this time, any part of our surplu
1 -, 4 =